Learn dos and don'ts in applying for cash loan in the Philippines from a top Pinoy loan consultant. Get free advice.

Google Advertisements

3 Effective Ways to Get Out of Debt and Bad Credit Status via Amicable Settlement and Loan Restructuring Program in the Philippines

October 18, 2013

Looking to prevent foreclosure of your property in the Philippines or not end up in debt-burden? Are you in really bad credit? Got your credit cards cancelled, bank account closed, bounced cheque court case and have delinquent payments on your previous and recent existing loans in the Philippines? You must be in real big trouble in this case and the only thing that could save you perhaps is a good loan program.

The last remaining problem is if there is a choice for you to file for a loan when you already have credit map (C-Map) problems with lending companies checking on your credit status with the present banking industry and lending financial status database. Don’t worry, I will present you your options in this case so you can still get out of bad credit status and get out of debt and eventually pay for your loan in a compromised agreement with banks and lending institutions or enter in to an affordable amicable settlement or a restructured loan program.

Negotiate an Amicable Settlement with Bank – If you are the type of borrower with loan in a bank (cash or collateral property), by this time, you must know that banks do offer amicable settlement for paying delinquent unpaid balances for a loan. If you don’t, then what are you waiting for. Go ahead and ask the bank for an amicable settlement program. Let me remind you though that with an amicable settlement, you will have to enter in to a strict agreement with the bank’s legal department representative and they will give you a computation and breakdown of the full amount to pay and how much can be discounted from your loan interest and how much you will have to pay on a regular staggered basis. Failing to pay on time based on the agreement will definitely have you in real bigger trouble so this is a must avoid. You must make sure to pay on or before the exact agreed date of payment and the full agreed amount due.

Apply for Bank Loan Using a Nearest Relative or Close Friend – While most private lending company loan restructure programs don’t effectively work help you stay away from the burden of debt, many banks would allow longer payment terms and lower interest rates. But since you have bank credit problems due to bad credit, you can’t apply for a loan. In this case, your choice must come from outside factors. Here comes in a first degree relative willing to entrust you his or her payday salary in exchange of you paying in return a bit later than your relative gets charged by the bank.

Use a Collateral to File for a Loan to Private Lending Company – This could be a combination of #2 above and your own if you have a collateral to use in applying for a loan with private lending institutions in the Philippines. Let’s go to the latter one. So you don’t know that you have a collateral to use because you are probably afraid to realize that you have that one last chance to redeem yourself from bad credit using probably a car or house and lot you or your nearest relative own. Let’s assume you have a car or a real estate property to file for a car collateral loan in a private lending company. Why private? Simply because these lending firms allow and approve loan applications even if you are in bad credit if you have something to use as collateral. Banks don’t allow it otherwise. All you have to do is to convince the relative owner or if you own it yourself to use the property as collateral. Ask for the lowest interest possible and talk only to a qualified loan agent or consultant like me. Other agents might just be one of those whose primary concern is to get bigger commission rates instead of helping you get out of debt trouble. This is crucial so you have to gauge people you will deal with. The rest of the process will go along as needed as per requirements of the car or house and lot loan application is concerned.

16 Responses to 3 Effective Ways to Get Out of Debt and Bad Credit Status via Amicable Settlement and Loan Restructuring Program in the Philippines

I write this letter to seek consultaion with regards to my existing personal loan and credit cards. For the past years, I have been a good cardholder and personal loan account holder with no deliquencies and records with c-map ever. However, four years ago, my wife had a problem with her family (in-laws) without telling me regarding the financial needs (medical, funerial and burial, mortgage of property, family support to her siblings). I was shocked to learn, that it was my wife who’s been providing most of financial support thru her personal loan from friends and banks and her cards. It was too late to know that the borrowed money was already in millions and she cannot pay the debts. Anger was my initial reaction but just the same need to help my wife by utilizing all my cash availability thru credit cards and approved personal loans. This continued until my monthly dues became 3 tmes higher than what I earn. I was able to survive because of renewals which I ususally got approved. Until lately, 4 institutions which I expected to get a renewal suddently stopped its program due to many deliquency of their accounts. Right now, half of October, I’m already one month late of my 4 credit cards, first time in my life actually. And now I see danger that I cannot survive anymore in the next few weeks or months. One card institution already offered a payment scheme which I’m glad to hear and hoping the other card companies will offer the same. I don’t know about my personal loan which still remain current but already see the danger ahead that I won’t be able to pay the succeedidng dues. Would I close my Checking account and just settle for the over-the-counter payments? My wife was able to get payment programs and still paying them. I kept on asking her what to do with my situation. We are now open to each other and has forgiven her.

Right now, I have 16 personal loan accounts and 9 credit cards, no housing and car loans. With these, I was able to survive for the past four years because of my revolving capital until the renewal problems fall apart and cash advances were all spent, considering financial problems continue to hound in my n-laws due to medical attention (father in law is diabetic and needs eye operation, while my mother in law is in the ICU), jobless to the siblings with families and recent death of a family member.

My wife and I work with the top financial instituions in this country and have a 4th year son in high school and a graduating daugther studying in the most expensive college in Metro Manila. I want to save my family’s future.

Where can I find help now to get out of this incoming debt problem? For now, I do a lot of prayers. Thank you so much.

I am John Adolfo Young, I would just like to ask since I have read your subjects or topics with regards to having a bad credit standing. Anyways let me just share you my story, I just got back from Doha, Qatar last December of year 2016. Since then I’ve been receiving remittances or being a pensioner from my wife who’s in Doha Qatar as we speak. We suddenly moved out of her parent’s house last March of this year 2017. Initial payments must be paid like “1 month advance and 2 months deposit for renting a condo type apartment”, since she’s working abroad and I’ve worked there in Qatar for 5 years so I know the abundances of financial resources and food and so I thought can manage. Yes we paid everything off but to tell you honestly now I know the feeling how hard it is to stay here in the Philippines. Yes we were paying everything, electricity, water, internet, and I thought when I get back here in the Philippines it’ll be like a snap of my fingers that I’ll get a job immediately. I applied from one of the Telecommunications Company here in the Philippines last January then it came to me last month “April”, I was way behind my plans of getting a job quickly. And so on I borrowed money from my friends who are in Qatar who worked with me in the same company. I borrowed money from 5 of them, each and everyone of them a promise date when to pay them and how to pay them which is until now I haven’t even paid a single one of them. So the pressure is on, each of them are calling, texting, emailing me on when to pay them off. So one of my friends told me I can try “Doctors Cash” easiest and fasted instant loan, so I applied, sadly they need applicants who are employed here in the Philippines “Currently employed”, and so I applied each and every online lending companies and every single one of them declined my application. The truth is I am receiving remittances from my wife but I cannot pay my friends first rather than paying our bills and rental bills late so I applied to these lending companies, 3 or more said that if I applied to different lending companies with in 6 months I will be tagged as a High Risk individual.What the hell?! A high risk?! Meaning?! I am a terrorist?! Or a money launderer?! I replied to some of them saying that I have worked for a financial institution in the middle east for 5 years. I know the rules, I myself is a financial analyst, I took control of the remittances, verified documents related to high volume transactions, reporting fake notes, reporting suspicious large volume transactions, I have a certificate that I attended AML (Anti Money Laudering) training, FATF training, CTF training, KYC training, KYCC training everything related to finance, Banknotes training for cash handling. Some of them apologized and let me reapply but again declined me so it was just a show for humanity that oh I let you reapply so show some common courtesy and thank me. Anyways I am sharing these things to you because it came into my mind lately that the reason for me being declined by these lending companies is because maybe of my CITIBANK credit card and AIG credit card it was 2005 and 2006 I was approved for both, CITIBANK 20k and AIG 11k. So that leads me to the situation of having bad credit standing here in our country officially and non official because of my friends who lend me money when I was in need. Can you help me sir? I want to get out of debt but I want to do it one step at a time finish one after the other. Please if you have options for me please let me know, I humbly and honestly reaching out to you for financial aid just to repay myself out of personal debts. I thank you for this opportunity for sharing my story to you and I know you will read this and so I will pray that you will contact me back either by my email address or by my mobile phone number “09569210669”.Hoping that you will consider my situation, and help me back on track.

hi, I want to apply for loan to pay consolidated debts in banks and cards and even private lending institutions. I am still currently employed in a private company. I am now in a financial crisis because 9f my debts

hi, I am currently a public junior high school teacher. I am suffering from a great agony of my debts. Most of my debts were from the private lenders. I already reached some of the banks in our country, unfortunately, I was not qualified. Is anyone want to advice me on how to be a debt free person? Where could i possibly find a bank or a person who offers a debt free program?.